America’s fiscal crisis is worsening. Everyone should take note.

Photo: The National Debt Clock in New York on December 2, 2009. Photo credit: Nick Webb via Flickr. CC BY 2.0. Opinion article by Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget. MSNBC – November 2, 2025.

There are two fundamental fiscal truths: America has a debt problem, and dealing with the debt will not be easy. So far, our leaders are not coming to terms with the facts. The numbers speak for themselves. In the fiscal year that just ended on Sept. 30 — the last date for which the federal government was funded — the deficit was largely unchanged from its fiscal 2024 level: $1.8 trillion. In other words, despite the Trump administration’s focus on cost cutting in the federal government and all the additional revenue coming from tariffs, the deficit is still as large as it was a year ago. […]

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